Stock Analysis on Net
Stock Analysis on Net

Exxon Mobil Corp. (NYSE:XOM)

Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

Exxon Mobil Corp., FCFE calculation

US$ in millions

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12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income (loss) attributable to ExxonMobil 36,010 55,740 23,040 (22,440) 14,340
Net (income) loss attributable to noncontrolling interests 1,344 1,837 558 (811) 434
Net noncash charges 22,270 19,414 20,369 39,572 14,019
Changes in operational working capital, excluding cash and debt (4,255) (194) 4,162 (1,653) 923
Net cash provided by operating activities 55,369 76,797 48,129 14,668 29,716
Additions to property, plant and equipment (21,919) (18,407) (12,076) (17,282) (24,361)
Additions to long-term debt 939 637 46 23,186 7,052
Reductions in long-term debt (15) (5) (8) (8) (1)
Additions to short-term debt — 198 12,687 35,396 18,967
Reductions in short-term debt (879) (8,075) (29,396) (28,742) (18,367)
Additions (reductions) in debt with three months or less maturity (284) 25 (2,983) (9,691) 1,011
Free cash flow to equity (FCFE) 33,211 51,170 16,399 17,527 14,017

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Exxon Mobil Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Exxon Mobil Corp. FCFE increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Price to FCFE Ratio, Current

Exxon Mobil Corp., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 3,967,844,307
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 33,211
FCFE per share 8.37
Current share price (P) 118.52
Valuation Ratio
P/FCFE 14.16
Benchmarks
P/FCFE, Competitors1
Chevron Corp. 18.61
ConocoPhillips 13.52
Marathon Petroleum Corp. 5.54
Occidental Petroleum Corp. 9.73
Pioneer Natural Resources Co. 19.45
Valero Energy Corp. 6.71
P/FCFE, Sector
Oil, Gas & Consumable Fuels 12.87
P/FCFE, Industry
Energy 13.17

Based on: 10-K (reporting date: 2023-12-31).

1 Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Price to FCFE Ratio, Historical

Exxon Mobil Corp., historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 3,967,844,307 4,070,984,988 4,233,592,429 4,233,483,160 4,232,190,744
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 33,211 51,170 16,399 17,527 14,017
FCFE per share3 8.37 12.57 3.87 4.14 3.31
Share price1, 4 104.32 109.73 76.77 56.70 53.01
Valuation Ratio
P/FCFE5 12.46 8.73 19.82 13.70 16.01
Benchmarks
P/FCFE, Competitors6
Chevron Corp. 18.24 10.59 32.05 21.61 38.28
ConocoPhillips 11.74 8.93 10.61 497.58 14.36
Marathon Petroleum Corp. 4.75 3.74 65.05 51.11 5.87
Occidental Petroleum Corp. 8.44 18.76 66.22 — 1.84
Pioneer Natural Resources Co. 16.98 9.25 10.38 21.68 512.10
Valero Energy Corp. 5.77 6.12 12.51 9.57 7.61
P/FCFE, Sector
Oil, Gas & Consumable Fuels 11.59 8.67 19.42 19.88 12.38
P/FCFE, Industry
Energy 11.95 9.32 20.28 19.46 12.93

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 33,211,000,000 ÷ 3,967,844,307 = 8.37

4 Closing price as at the filing date of Exxon Mobil Corp. Annual Report.

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 104.32 ÷ 8.37 = 12.46

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Exxon Mobil Corp. P/FCFE ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.